Policy & Regulation

Financial Institutions already disclose their agreements with schools that allow marketing of credit cards, but the Consumer Financial Protection Bureau said that should be extended to debit, prepaid and other products as well.

JPMorgan Chase pressured customers to repay debts they did not owe, sold collections agencies rights to credit card accounts that had been extinguished in bankruptcy and tolerated frequent errors by its third-party collections attorneys, according to a lawsuit filed by Mississippi Attorney General Jim Hood on Tuesday.

The diverging responses of the nation's biggest bank and its largest retailer illustrate the broad divide that the Federal Reserve will be seeking to bridge in its effort to encourage a speedier payments infrastructure within a decade.

The final Volcker Rule is much friendlier to syndicated lenders and collateralized loan obligations than earlier versions. However, some banks will still have to divest some CLO holdings, and leveraged lenders face other regulatory challenges.

A group of Democratic senators introduced legislation Tuesday that would prohibit employers from requiring applicants to disclose their credit history as part of the hiring process.

The Office of Financial Research released a report Tuesday that cited continued risks from a reliance on short-term wholesale funding and unveiled an early prototype for how it plans to track threats to the financial system.

Regulatory officials have been optimistic that they would finish critical aspects of the Dodd-Frank Act by the yearend, but as the year comes to a close, banking agencies are likely to miss the target.

LNB Bancorp (LNBB) in Lorain, Ohio, has sold $3.7 million of stock as part of a plan to exit the Troubled Asset Relief Program.

Chinese central bank officials told third-party payment service providers to stop offering clearing services to online Bitcoin exchanges, according to China Business News, which is affiliated with the Shanghai government.

Actions jointly announced against California-based CashCall signal the Consumer Financial Protection Bureau's intent to target online lending based on claims originating in states.